Illinois Tool Works Inc. (NYSE:ITW) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $1.57-1.67 for the period, compared to the Thomson Reuters consensus estimate of $1.66. Illinois Tool Works also updated its FY17 guidance to $6.32-6.52 EPS.
Shares of Illinois Tool Works Inc. (ITW) opened at 138.36 on Friday. The stock has a 50 day moving average of $143.35 and a 200-day moving average of $137.43. Illinois Tool Works Inc. has a 12-month low of $111.50 and a 12-month high of $150.29. The firm has a market capitalization of $47.62 billion, a P/E ratio of 22.39 and a beta of 1.11.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.03. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter last year, the business posted $1.46 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts predict that Illinois Tool Works Inc. will post $6.46 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be given a dividend of $0.78 per share. The ex-dividend date is Thursday, September 28th. This represents a $3.12 annualized dividend and a dividend yield of 2.25%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio (DPR) is currently 42.07%.
A number of equities analysts recently commented on ITW shares. Goldman Sachs Group, Inc. (The) raised Illinois Tool Works from a sell rating to a buy rating and increased their price target for the company from $131.00 to $155.00 in a research note on Thursday, June 1st. Morgan Stanley reissued an equal weight rating and set a $140.00 price target (up from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. Deutsche Bank AG reissued a buy rating and set a $160.00 price target (up from $140.00) on shares of Illinois Tool Works in a research note on Saturday, April 29th. Barclays PLC increased their price target on Illinois Tool Works from $123.00 to $130.00 and gave the company an equal weight rating in a research note on Wednesday, April 19th. Finally, BMO Capital Markets reissued a buy rating and set a $145.00 price target on shares of Illinois Tool Works in a research note on Thursday, April 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $152.67.
In related news, CFO Michael M. Larsen sold 52,447 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $140.62, for a total transaction of $7,375,097.14. Following the completion of the sale, the chief financial officer now directly owns 67,383 shares of the company’s stock, valued at approximately $9,475,397.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $144.00, for a total value of $5,251,248.00. Following the sale, the insider now directly owns 55,878 shares of the company’s stock, valued at $8,046,432. The disclosure for this sale can be found here. Insiders sold a total of 100,664 shares of company stock valued at $14,329,625 over the last ninety days. Corporate insiders own 0.90% of the company’s stock.
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About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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